Federal Reserve Chairman Jay Powell continues the long tradition of central bankers’ not owning up to their mistakes, Bryan Cutsinger writes:

The temporary rise in inflation and permanent rise in the price level was, according to Powell, beyond the Fed’s control. The Fed’s framework did not inhibit the Fed’s response. To the contrary, Powell said, the framework supported the Fed’s efforts to rein in inflation.

There’s no subtle way to put this: Powell’s account of what happened is incorrect.

There were sub-periods during our inflation surge when supply issues had a significant share of the responsibility, but for the period as a whole, the problem was entirely excessive nominal spending, which is to say demand — which is to say, monetary policy.